NZDJPY - Can Sellers Defend This Resistance One More Time?NZD/JPYOANDA:NZDJPYRayannsrNZDJPY has been trading within a well-defined range for an extended period, with price continuing to respect the major support and resistance areas. A flat ascending channel is also developing within the range, adding further confluence to the resistance area. Price is now testing the red resistance area, where it aligns with the upper boundary of the ascending channel, creating an interesting technical zone to monitor. ⭕As price is testing this zone, we can start looking for sell setups on lower timeframes, anticipating a potential rejection from the resistance. ⭕However, if buyers manage to break above the red resistance area and the upper boundary of the channel, it would provide an important indication that the current range may be weakening and that a bullish breakout could develop. The reaction around this confluence zone may reveal whether sellers are ready to defend the range resistance once again, or if buyers have enough strength to break above it. ⚠️Disclaimer: This analysis reflects my personal market view and is not financial advice. Rayan Nasser #NZDJPY #NZD #JPY #Forex #TechnicalAnalysis #PriceAction #Trading #MarketStructure